Monday, March 05, 2012

52 NM Small Businesses Urge Governor Martinez to Sign SB9

Still no firm clear direction or information (only rumors) on what Susana will do with the SB9 bill which was passed this session and is waiting for her signature to become law. The law proposed is clear; you either support big box stores like Walmart to not pay their fair share of taxes to our state OR you support our local businesses who are paying their fair share of taxes to this state.

Many organizations are pushing for this tax fairness bill that has been being introduced in the Legislature for almost a decade. This important bill finally passed the Legislature, it is a no brainer that it helps the people of New Mexico, let's see which side of history our Republican Gov comes down on.

Revenue Neutral Bill Closes Loophole for "Big Box" Stores and Lowers Taxes for Small Business

Today the New Mexico Green Chamber of Commerce delivers a letter from 52 local businesses urging Governor Martinez to sign Senate Bill 9, which will close a loophole for "big box companies," lower corporate income taxes and level the playing field for New Mexico small businesses.

"Small businesses from Alamogordo, Las Vegas, Las Cruces, Silver City, Albuquerque, Santa Fe and Taos are asking Governor Martinez to support their business and sign this bill," said Allan Oliver CEO NM Green Chamber of Commerce. "New Mexico small businesses are major job creators in our state and need a level playing field to compete with "big-box" stores."

Every day, New Mexico's small businesses compete with "big box" stores. But the playing field isn't level. "Big box" companies can claim their New Mexico profits in states that don't have corporate income tax, such as Delaware. New Mexico is the last Western state that allows "big-box" companies to use this loophole to avoid taxes and shift the tax burden onto the backs of Main Street businesses like mine.

Over the past 17 years, the small business community has generated 65% of net new jobs across the country.* For every $100 spent at a local business like mine, $45 returns to our community, compared with only $14 from big-box stores.* While big box stores on average cost taxpayers $468 per 1,000 square feet, small businesses generate a net annual surplus of $326 per 1,000 square feet.*

After nearly a decade of attempts, a bi-partisan vote by the New Mexico State Legislature approved Senate Bill 9 (SB9) to level the playing field for New Mexico's small businesses against "big box" stores like Wal-Mart, Home Depot and Best Buy. That legislation is now sitting on Governor Martinez' desk for signature.

We, the under-signed small business owners of New Mexico, respectfully urge Governor Martinez to sign SB9 into law, lowering our taxes and leveling our playing field against out-of-state "big box" corporations.